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Medicare Part D Will Be $30.50 Per Month In 2021

According to the Medicare & Medicaid Services Center, the average basic Medicare Part D premium will now be $30.50 starting 2021. This even including coverage of a wide variety of insulin sets that also won't cost no than $35/ Month per prescription for the beneficiaries.

Since 2017, Part D Enrollments has increased by 16.7%, and Part D premiums have decreased by 12%, which would save the beneficiaries at least $2 billion, according to the Centers for Medicare and Medicaid Services.

CMS Administrator Seema Verma quotes to press that, "...the Trump Administration has prioritized policies that introduce choice and competition in Part D...In short, Part D premiums will continue to stay at their lowest levels in years..." CMS Administrator Verma explains that the Trump Administration increasing the competition among Medicare Advantage and Part D Drug Plans has produced about $8.5 billion in program savings in that past four years and is most likely to continue into 2021.

CMS informs us that starting on January 2, 2021, Medicare beneficiaries who choose Part D Senior Savings Model plans will be saving an average of $446/ year, or 66% on their out-of-pocket costs for their insulin. Besides, the majority of Medicare Advantage Plans with prescription drug coverage won't charge a Part D premium, which means beneficiaries will be saving on insulin and not having to pay extra premiums.

Beneficiaries will be able to select from more than 1,600 individual Medicare Part D prescription drug plans, and Medicare Advantage plans with prescription drug coverage nationwide. This will occur during the Open Enrollment Period that will extend from October 15 through December 7.

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This article was summarized, the original author is John Commins and was posted on July 30,2020

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